According to Vietnam Association of Seafood Exporters and Producers (VASEP), in the first half of 2024, seafood exports reached nearly 4.4 billion USD, an increase of nearly 6% over the same period in 2023. Of which, shrimp exports alone accounted for more than 37% with 1.64 billion USD; pangasius accounted for 21% with over 918 million USD; tuna accounted for 10.7% with 471 million USD; squid and octopus accounted for 6.6% reaching 289 million USD, other types of fish accounted for nearly 20% reaching 865 million USD. Most of main products had an increase in export turnover compared to the same period last year: Shrimp and pangasius increased slightly by 6% and 5%, crab exports increased the most by 75%, tuna increased by 23%. Meanwhile, squid and octopus exports decreased slightly by 1% and other types of fish decreased by nearly 6%. Vietnam's seafood export to major markets are under pressure to compete on prices with other suppliers, so average export prices of major products such as shrimp and pangasius remain low compared to 2023 and previous years.
Most major products have increased export turnover compared to the same period last year, such as shrimp and pangasius increased slightly, by 6% and 5% respectively; crab exports increased the most with 75%; tuna increased by 23%. Meanwhile, squid and octopus exports decreased slightly by 1% and other fish decreased by nearly 6%.
Positive signals for the shrimp industry seem to be more concentrated in lobster products with sales soaring from 46.6 million USD in the first half of 2023 to 126.7 million USD in the first half of this year, an increase of 171%. Of which, 98% of sales are from live rock lobster products (green lobster) and the mainstay market is China.
In addition, crab exports in the first half of the year had the strongest breakthrough among the main products, increasing by 75% to 125 million USD. Of which, crab exports nearly doubled to nearly 93 million USD, crab exports increased by 33% to more than 31 million USD. Live crab exports alone brought in 54 million USD in revenue, nearly 8 times higher than the same period last year. China is also the main consumer market for Vietnam's live crab products.
In general picture of exports to Chinese market in the first half of the year, fresh and live products were highlight, contributing to increase in seafood export sales to this market.
Accordingly, in the first 6 months of this year, seafood exports to China reached nearly 690 million USD, up 8.4%. Of which, pangasius still accounted for the largest proportion, accounting for 35% with more than 243 million USD, down 7.4% compared to the same period last year.
The second largest export item to Chinese market in the first half of this year was lobster with nearly 122 million USD, up 174% and accounting for nearly 18% of the seafood export value to this market. Whiteleg shrimp exports to China also decreased by 10% to only 117 million USD. Tiger shrimp exports also decreased by nearly 30% to 38.5 million USD.
In addition to shrimp and pangasius, many species of marine fish exported to China also saw a decrease in export turnover in the first 6 months of this year. Meanwhile, in the top 4 items with the highest export value, live crab exports to China increased 12 times to 49 million USD.
Frozen products exported to China in the first half of this year almost decreased compared to the same period due to falling prices, while live seafood products have better potential. In addition to live lobsters and crabs, live clams (mainly silk clams, flower clams), and live snails also increased sharply, up 280% and 282% respectively compared to the same period last year.
According to VASEP, China's frozen shrimp market is currently experiencing oversupply because Ecuadorian products are flooding market and domestic farms are harvesting at high levels. In the first half of this year, China imported 436,000 tonnes of shrimp, of which Ecuadorian shrimp alone accounted for 330 thousand tons, or 75%.
Meanwhile, China's demand for salmon and lobster is expected to continue to increase. As the world's leading seafood consumer, Chinese consumers increasingly prefer high-quality and value-added seafood products.
However, according to VASEP, although situation has gradually improved, inflation and inventories have both decreased, the consequences still affect demand in import markets. Vietnam's seafood exports to major markets are under pressure to compete on prices with other suppliers, so average export price of major products such as shrimp and pangasius remains low compared to 2023 and previous years.
Therefore, total seafood exports in the first 6 months of the year are recovering, but only broke out strongly in January (up 64.5%), with exports increasing modestly in the following months.
It is forecasted that in the second half of the year, Vietnam's seafood exports may return to the normal trajectory as before the Covid-19 period. Exports will increase compared to the first half of the year, in which orders will increase in the third quarter to serve the year-end holidays in the markets.

Source: Vitic/ congthuong.vn